More than before the pipeline shutdown: Europe is purchasing record volumes of liquefied natural gas from Russia, – Bloomberg reported

Europe is purchasing record amounts of liquefied natural gas (LNG) from Russia.

This information reported according to the American news agency Bloomberg.

The article notes that recent LNG sales volumes have exceeded the amounts Russia transported through Ukraine prior to January 1.

“This situation highlights how difficult it is for Europe to sever ties with Russia, which has solidified its position over the past decade as a key energy supplier to the continent,” the report states.

Bloomberg explains that this dynamic means Russia’s economy is not suffering significant losses from the halt of gas transit through Ukraine, with an estimated impact of only 0.2% of GDP. In comparison, Ukraine is projected to lose 0.5% of its GDP due to the cessation of transit payments after the suspension of gas flows.

Earlier, Bloomberg reported that gas prices in Europe had risen to record highs since the fall of 2023 following the halt of transit through Ukraine.

“While Europe is unlikely to run out of gas this winter thanks to reserves and supplies from other sources, traders may find it harder to refill storage for the next heating season,” the article explains.

It is worth noting that among EU countries, Italy and Hungary were the largest purchasers of Russian fuel last fall.